The American energy company, which owns a 30% stake in the block, continues to benefit from Guyana’s booming oil sector. According to Hess, oil and gas production remained steady at 476,000 barrels of oil equivalent per day during the quarter. However, the company’s profit was lower than the US$972 million earned in the same period last year, mainly due to lower oil prices and sales volumes. On an adjusted basis, Hess earned US$559 million for the quarter.

A major development for the company is the progress of the Yellowtail project, the fourth and largest oil development in the Stabroek Block. Hess said Yellowtail is on track to begin production in the third quarter of 2025, with the potential to produce about 250,000 barrels of oil per day. The project will use the ONE GUYANA floating production, storage, and offloading FPSO vessel, which arrived offshore Guyana on April 15. Guyana’s Stabroek Block remains a key part of Hess’s global operations. The 6.6-million-acre block, located about 120 miles offshore, is estimated to hold 11.6 billion barrels of oil. ExxonMobil Guyana Limited EMGL operates the block with a 45% interest, while China National Offshore Oil Corporation CNOOC owns 25%.According to the company’s 2024 Annual Report, Guyana’s crude is Hess’ top-selling crude for 2024, fetching the highest average price among all its global operations. Crude oil from Guyana averaged US$80.04 per barrel, maintaining the lead in the company’s portfolio despite a marginal dip from US$80.72 in 2023 and US$89.72 in 2022. When excluding hedging, a strategy used to stabilise prices, Guyana’s oil still stood out with an average of US$80.04, outperforming barrels from the United States and Malaysia. Production in the Stabroek Block began in December 2019, and so far, six projects have been approved by the government, including Liza Phase 1 and 2, Payara, Yellowtail, Uaru, and Whiptail. Applications for two more projects, Hammerhead and Longtail, are awaiting approval. (Kaieteur News)